Singapore legislation
Regulation 7
Regulation 7
Sending and laying of revised financial statements, etc.
Subregulation 1
Where the financial statements, or the consolidated financial statements or balance sheet, of a VCC are revised under section 202A or 202B(4) of the Companies Act (as applied by section 104 of the VCC Act), the directors of the VCC must —
take reasonable steps to ensure that, within 30 days after the date of revision, the revised financial statements, or the revised consolidated financial statements or balance sheet, are sent —
to every person to whom a copy of the original financial statements, or the original consolidated financial statements and balance sheet, had been sent;
to every person to whom a copy of a summary financial statement (instead of a copy of the original financial statements, or the original consolidated financial statements and balance sheet) had been sent under section 203A of the Companies Act (as applied by section 105(11) of the VCC Act); and
to every person entitled, as at the date of revision, to receive notice of general meetings of the VCC;
within 30 days after the date of a request from a person mentioned in sub‑paragraph (a)(i) or (ii), send without charge the revised financial statements, or the revised consolidated financial statements or balance sheet, to —
any member of the VCC (whether the member is or is not entitled to have sent to the member copies of the revised financial statements, or the revised consolidated financial statements or balance sheet) to whom copies have not been sent; and
any holder of a debenture; and
lay the revised financial statements, or the revised consolidated financial statements or balance sheet, before the VCC at the next general meeting of the VCC held after the date of revision.
Subregulation 2
Paragraph (1)(c) does not apply in respect of a VCC that has dispensed with the holding of an annual general meeting.
Subregulation 3
Subject to paragraph (2), if paragraph (1)(c) is not complied with, every director of a VCC who is in default shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $2,000.
Subregulation 4
In this regulation, a reference to the revised financial statements, or the revised consolidated financial statements or balance sheet, includes —
the new directors’ statement on the revised financial statements, or the revised consolidated financial statements or balance sheet; and
where applicable, the auditor’s report on the revised financial statements, or the revised consolidated financial statements or balance sheet.